Registration of Mortgage Loan Originators

Forms and Documents

Document Name	Status
CFPB_G_20170727_omb.pdf Supporting Statement A	2017-07-27

IC Document Collections

IC ID	Document Title	Status
227724	Depository institutions Policy and procedures	New
210637	MLO employees Updates	Modified
190754	MLO employees Maintenance	Modified
190753	MLO employees Initial disclosure	Modified
190752	MLO employees Initial registration	Modified

ICR Details

OMB Control No: 7100-0328	ICR Reference No: 201707-7100-003
Status: Historical Active	Previous ICR Reference No: 201705-7100-003
Agency/Subagency: FRS	Agency Tracking No: CFPB G
Title: Registration of Mortgage Loan Originators
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/27/2017
	Date Received in OIRA: 07/27/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2020	36 Months From Approved	07/31/2017
Responses	33,571	0	33,398
Time Burden (Hours)	109,159	0	109,159
Cost Burden (Dollars)	0	0	0

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Abstract: In accordance with the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act), the Consumer Financial Protection Bureau’s (CFPB) Regulation G (S.A.F.E. Mortgage Licensing Act - Federal Registration of Residential Mortgage Loan Originators) requires residential mortgage loan originators (MLOs) to register with the Nationwide Mortgage Licensing System and Registry (the Registry), obtain a unique identifier, maintain this registration, and disclose to consumers upon request and through the Registry their unique identifier and the MLO’s employment history and publicly adjudicated disciplinary and enforcement actions. The CFPB’s regulation also requires the institutions employing these MLOs to adopt and follow written policies and procedures to ensure their employees comply with these requirements and to conduct annual independent compliance tests to assure compliance. The CFPB’s rule applies to a broad range of financial institutions and their employees, including Board-supervised institutions/employees, such as state member banks and their non-functionally-regulated subsidiaries, state uninsured branches and agencies of foreign banks, and commercial lending companies owned or controlled by foreign banks.

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Authorizing Statute(s): US Code: 12 USC 5103 Name of Law: Secure and Fair Enforcement for Mortgage Licensing Act
   US Code: 12 USC 5581(c) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 5106 Name of Law: Secure and Fair Enforcement for Mortgage Licensing Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 2995	01/10/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 17426	04/11/2017
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
MLO employees Initial disclosure
MLO employees Updates
MLO employees Maintenance
MLO employees Initial registration
Depository institutions Policy and procedures

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	33,571	33,398	0	0	173	0
Annual Time Burden (Hours)	109,159	109,159	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/27/2017

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